- Quaterra Resources Inc. (QTA) has completed an oversubscribed third and final tranche of its brokered private placement
- Proceeds will be used to advance Quaterra’s assets, primarily its MacArthur copper oxide project in Nevada, and general working capital
- The company has issued 29,832,834 units at a price of $0.075 per unit for gross proceeds of $2,237,463
- Combined with its first and second tranches, Quaterra has raised an aggregate total of $5,160,175
- Quaterra Resources Inc. (QTA) is down 4.348 per cent and is trading at $0.11 per share at 4:27 p.m
Quaterra Resources Inc. (QTA) completed an oversubscribed third and final tranche of its brokered private placement.
Proceeds will be used to advance Quaterra’s assets, primarily its MacArthur copper oxide project in Nevada, and general working capital.
The company has issued 29,832,834 units at a price of $0.075 per unit for gross proceeds of $2,237,463.
Combined with its first and second tranches, Quaterra has raised an aggregate total of $5,160,175.
Each unit consists of one common share of the company and one non-transferable share purchase warrant.
Each warrant entitles the holder to acquire one additional common share of Quaterra at an exercise price of $0.12 per share for a three-year period from the date of closing.
The warrants contain a forced exercise provision if the daily average trading price of the common shares is equal to or greater than $0.37 for a period of 10 consecutive trading days.
Quaterra paid a total of $136,610.67 and issued an aggregate of 1,839,798 finder’s warrants as finder’s fees.
The finder’s warrants are exercisable at a price of $0.12 per share for three years from the date of closing.
Quaterra has entered into a non-binding LOI with Houston Minerals, granting Quaterra the option to acquire a 100 per cent interest in the Chaco Bear Property near the Golden Triangle of British Columbia, and the Ashton Property located near Lytton.
The acquisition of the properties is subject to a 2.5 net smelter return royalty (NSR).
Quaterra may reduce the NSR to 1 per cent on the Chaco Bear Property for a payment of $6 million and the same percentage on the Ashton Property for a payment of $3 million.
The company may purchase the remaining 1 per cent NSR on the Chaco Bear Property for $12 million and the remaining 1 per cent NSR on the Ashton Property for $6 million.
Quaterra Resources Inc. (QTA) is down 4.348 per cent and is trading at $0.11 per share at 4:27 p.m.
